Memecoins
Led by Bitcoin, PEPE, SHIB, and DOGE rise 31%, 3%, and 8%
Posted:
| Last updated: October 25th, 2023
Journalist
- PEPE, SHIB, and DOGE experienced varied price surges, driven by Bitcoin’s rise.
- Social activity and sentiment played a key role in the price rise.
The recent surge in Bitcoin [BTC]’s price, driven by the anticipation of its ETF, has created a wave of optimism in the market. As Bitcoin holders celebrate their gains, many are also wondering how this rally might affect meme coins.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
Pepe sees green
Pepecoin [PEPE], a popular meme coin, experienced a significant gain of 31.5% in its price over a 24-hour period.
The PEPE team made noteworthy moves by burning 6.9 trillion PEPE tokens, equivalent to $6.76 million, and transferring a substantial amount to centralized exchanges for sale. At press time, the PEPE team held 3.79 trillion PEPE, valued at $3.72 million.
Despite this surge, PEPE struggled to test the resistance level of $0.00001084. A retest of the resistance level may signal a potential trend reversal.
The Chaikin Money Flow (CMF) for PEPE, which stood at 0.06, was on a slow decline, while the On-Balance Volume (OBV) showed steady growth.
Source: Trading View
The social sentiment around PEPE didn’t match its price performance, as the Social Volume fell. Additionally, the Weighted Sentiment declined over the last few days.
The Network Growth of PEPE, however, spiked, suggesting that new addresses contributed significantly to its recent price surges. This indicated growing interest in PEPE but also raised the question of whether PEPE can maintain its momentum.
Source: Santiment
The bulls start to woof
It wasn’t just PEPE that saw green, but SHIB joined in on the party as well.
Shiba Inu’s token registered a 3.13% price spike in the last 24 hours. Despite mostly moving sideways, it repeatedly tested the $0.0000072 resistance level. Another retest of this level could be a bullish sign for the meme coin, but the market’s reaction remains to be seen.
SHIB’s Relative Strength Index (RSI) stood at 64.82, indicating a slow decline, while its CMF was at 0.13 and falling. Notably, in the past 24 hours, a significant amount of SHIB was burned, showing a 536.96% increase.
A surge in the burning of tokens can be a sign of increasing interest and could contribute to further price appreciation.
Source; Trading View
On the social front, SHIB exhibited a consistent and massive growth in Social Volume compared to PEPE. The Weighted Sentiment also experienced a surge, which could have implications for the meme coin’s future, potentially indicating a growing community backing.
Source: Santiment
In the past 24 hours, Shiba Inu witnessed a significant increase in tokens being burned, totaling 120,285,058 tokens, marking a substantial 536.96% increase in the burning activity.
This notable uptick in token burning reflected a growing interest in the project and a commitment to managing its tokenomics.
Token burning is often perceived positively within the crypto community, as it can reduce the circulating supply, potentially increasing scarcity and demand for the remaining tokens.
This development may contribute to a sense of value and scarcity for Shiba Inu, which has the potential to appeal to investors and traders.
HOURLY SHIB UPDATE$SHIB Price: $0.00000752 (1hr 0.41% ▲ | 24hr 3.97% ▲ )
Market Cap: $4,525,936,836 (6.76% ▲)
Total Supply: 589,338,575,935,074TOKENS BURNT
Past hour: 714,887 (3 transactions)
Past 24Hrs: 120,285,058 (536.96% ▲)
Past 7 Days: 348,843,114 (23.93% ▲)— Shibburn (@shibburn) October 24, 2023
Will holders be able to Doge the bears?
DOGE, one of the most popular meme coins, saw an impressive 8.44% price spike. This surge was unlike any over the last month, raising concerns about a potential correction as the initial hype around the token wanes.
The RSI for DOGE reached 71, indicating it was overbought. The OBV showed an increase, suggesting that investors were actively participating in the market, despite the concerns about an impending correction.
This contrast in indicators suggested a mixed sentiment regarding DOGE’s short-term price trajectory.
Source: Trading View
However, the social front presented a mixed picture for DOGE. Social volume declined notably, indicating less discussion and engagement, but simultaneously, Weighted Sentiment was on the rise as well.
Apart from sentiment, the Development Activity of these meme coins posed a puzzle, as it plummeted over the last month, raising concerns about potential delays in updates and ecosystem upgrades.
This slowdown in development could impact DOGE’s competitiveness in a rapidly evolving market.
Source: Santiment
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It is pertinent to note that meme coins like Shiba Inu are actively working on their Shibarium ecosystem, indicating a commitment to ongoing development.
This difference in Development Activity could impact these meme coins’ ability to compete in the market, potentially determining their long-term success and relevance in the crypto space.
